Verizon to Cut 15,000 Jobs in Sweeping Restructuring Under New CEO Dan Schulman

Verizon Communications Inc. (NYSE: VZ) will cut roughly 15,000 jobs, or about 15% of its workforce, in its largest-ever round of layoffs, as the company undertakes a broad restructuring under new Chief Executive Officer Dan Schulman, according to people familiar with the matter. The move comes amid intensifying competition in the U.S. wireless market and ongoing pressure on profit margins. Verizon shares rose 1.58% on the news Thursday, bucking a wider market decline.

Schulman, who took over as CEO in October after leading PayPal and Virgin Mobile, has pledged a “cost transformation” initiative aimed at streamlining operations and modernizing Verizon’s business structure. Analysts at BNP Paribas Securities estimate the restructuring could result in at least $1 billion in annualized cost savings by 2026.

“The fact that Verizon is undertaking significant job cuts is no big surprise given the new CEO had signaled an intention to take out material cost from the business,” said analyst Sam McHugh in a note to clients. “These cuts are deeper than expected and should be viewed as a modest positive.”

The layoffs, expected to affect both corporate and network divisions, are part of a company-wide efficiency drive following years of sluggish subscriber growth and mounting costs tied to network expansion and customer retention. Verizon, along with AT&T and T-Mobile, has faced margin erosion as carriers escalate device subsidies and trade-in offers amid Apple’s rollout of the iPhone 17 lineup. The escalating promotional environment has forced telecoms to spend heavily to retain subscribers in a saturated market.

The company’s 5G Acceleration team, responsible for private networking and neutral-host systems, is reportedly among the hardest hit... with 20% to 25% of that division expected to be eliminated, according to sources cited by Fierce Network. Verizon declined to comment on specific team reductions, saying only that it is “aligning resources with long-term strategic priorities.” Verizon is also moving forward with its $20 billion acquisition of Frontier Communications (NASDAQ: FYBR), a deal expected to close in early 2026 pending regulatory approval. The acquisition is aimed at expanding Verizon’s broadband footprint and fiber capabilities across key U.S. markets.

Schulman has said the company’s goal is to “delight customers through simplification and reliability,” signaling a focus on reducing internal complexity and improving service delivery. Despite the cost cuts, some analysts remain cautious on whether the savings will be enough to offset rising customer-acquisition expenses and network investments.

About Verizon Communications Inc.

Verizon Communications Inc. (NYSE: VZ) is one of the world’s leading providers of communications, technology, and information services. Headquartered in New York City, Verizon operates America’s most reliable wireless network and provides broadband, media, and enterprise solutions globally. Founded in 2000 through the merger of Bell Atlantic and GTE, Verizon serves more than 140 million retail connections and employs over 100,000 people worldwide.

At the time of publishing, Stocks.News holds positions in AT&T, T-Mobile, Apple, and Verizon as mentioned in the article.